This article explores the pertinence of ‘piercing’ for fraudulent trading. It considers the failures of the insolvency provisions and examines the failures through the lens of the evasion principle for piercing. The article argues that the piercing doctrine does not prove to be an effective remedy of last resort. Despite this, the article argues against the abolition of veil piercing, as this would leave the law in a state of vacuity and concludes by suggesting methods of reform that could improve the doctrine.